Financial Markets Experience a Positive Start to the Week
The Frankfurt stock exchange opened on a positive note, with the Dax index rising by 1.4 percent to around 23,965 points by 9:40 am, compared to the close of the previous week. Siemens, MTU and Airbus led the gains, while Porsche Holding, Fresenius and Vonovia lagged behind.
Investors reacted positively to the announcement by US President Donald Trump that the planned tariffs on the EU would be delayed. “While the new trade drama between the US and the EU is not resolved, at least it’s been postponed” said Thomas Altmann of QC Partners. “The deadline has been pushed back by almost six weeks, giving the markets a chance to breathe a sigh of relief.”
Market analyst Thomas Altmann also noted that the low trading volumes in Europe on the US holiday would make the market more susceptible to large price swings, as small orders could have a significant impact on the market. The euro was stronger against the dollar, with one euro exchanging for 1.1393 US dollars and the dollar for 0.8777 euros.
Meanwhile, the price of oil rose, with a barrel of Brent crude trading at around 64.95 US dollars by 9 am German time, a 0.3 percent increase from the previous day’s close.